The U.S. Securities and Exchange Commission (SEC) is intensifying efforts to establish a clear regulatory framework for cryptocurrencies after concluding one of the longest legal disputes in the industry.
According to documents submitted to the Second Circuit Court of Appeals last Thursday, the SEC and Ripple Labs have ended nearly five years of litigation, with both parties agreeing to withdraw their appeals and bear their respective costs.
SEC Commissioner Hester Peirce stated on the X (formerly Twitter) platform on Monday that the conclusion of the case is "a reassuring development," ensuring that "those previously distracted by the litigation can now focus on establishing a clear regulatory framework for the crypto industry."
SEC Chairman Paul Atkins commented on Peirce's post, saying, "With this chapter closing, we now have the opportunity to shift our focus from the courtroom to policy-making." He added, "We should focus on building a clear regulatory framework that both fosters innovation and protects investors."
The SEC sued Ripple in December 2020, accusing the company of raising $1.3 billion through the sale of unregistered XRP securities. In July 2023, Judge Analisa Torres ruled that XRP is not a security when sold to retail investors but is considered a security when sold to institutional investors. Ripple was fined $125 million in August 2024.
The conclusion of this case comes as lawmakers push forward with the "Digital Asset Market Clarity Act," known as the CLARITY Act. This legislation aims to define the structure of the digital asset market.
Republican lawmakers and the Senate Banking Committee plan to pass the bill by September 30, despite increasing signs of opposition from Democratic lawmakers.
As early as July, key Democratic members of the House announced a collective effort to oppose Republican attempts to push through what they termed "dangerous" legislation, highlighting the deepening political divide between the two parties.
"[Republicans] are doubling down on efforts to quickly advance a package of dangerous crypto legislation through Congress," said Maxine Waters, the ranking member of the House Financial Services Committee, specifically criticizing the CLARITY Act and the anti-CBDC surveillance state bill, which aims to prohibit the launch of a U.S. central bank digital currency.
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Original: “Atkins: SEC to Focus on 'Clear' Crypto Regulations After Ripple Case”
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